Discussing all the Compliance Requirements that lie in the month of July 2021 under the Income Tax, GST, Provident Fund, ESI and IEC Laws.
The MCA has released a list of forms for which relaxation is provided vide General Circular No. 11/2021 & 12/2021. For the purpose of General Circular No. 06/2021 & 07/2021, a list of 53 forms was already in existence. In addition to that the MCA has added 4 more forms.
In this article, I have tried to summarize the notifications issued by MCA from time to time in the month of June'21.
The major problem that affects MSME is the collection of Invoice made for Service or Supply or Service & Supply. Let us discuss the role of the National MSME Bills Payment (Factoring) Portal in this regard.
The Ministry of Corporate Affairs vide Circular No. 12/2021 has provided relaxation in time for filing forms related to the creation or modification of charges under the Companies Act, 2013.
MCA has granted additional time up to 31st August 2021 to Companies & LLPs to file those forms which are due for filing from 1st April 2021 to 31st July 2021, without any additional fees.
Any person who is an Indian citizen, whether a resident in India or not i.e. NRI shall be eligible to incorporate a One Person Company and appoint its nominee.
When the IEC holder voluntarily revokes his rights to use the IEC for whatsoever reason, it is said to be the IEC Surrender. If the IEC License is no longer in use then the same can be surrendered.
The individuals who want to be part of the association of persons need to sign a Memorandum of the company. This part where such signatures are affirmed is called the association clause.
In the Insurance Act, loan/advance on insurance policies of full time employees of the company is allowed, provided that the amount of loan or advance should not exceed the surrender value of the policy at the time of granting loan/advance.
Live Course on GSTR 9 & 9C for FY 24-25(Detailed discussions, FAQ, Case studies and Live demo of GSTR 9/9C on GST Portal)